What’s Ahead For Mortgage Rates This Week – July 5, 2016

Closing Paperwork: How to Read and Understand the Truth-in-Lending Disclosure StatementLast week’s economic events included S&P Case-Shiller’s Housing Market Indices for April along with reports on Construction Spending and Pending Home Sales. Consumer Confidence was higher in June in spite of low wage growth and inflation well below the Fed’s goal of 2.00 percent annually.

S&P Case-Shiller: Home Price Growth Ticks Downward

April home values grew by 5.40 percent in April on a seasonally-adjusted annual basis. Case Shiller reported a drop in momentum from the March reading of 5.50 percent according to the S&P Case-Shiller 20-City Home Price Index. While no city included in the 20-City Index reported lower home values, the rate of growth appears to be slowing. High home prices driven by high demand and slim inventories of available homes may continue to lose steam as high home prices coupled with stricter mortgage requirements sideline first-time and moderate income buyers.

Pending home sales in May saw their first decline since August 2015 According to the National Association of Realtors®, Pending sales dropped from April’s downwardly revised index reading of 115.0 to 110.8. Pending home sales were -3.70 percent lower in May as compared to April’s reading of +3.90 percent. The drop in pending sales, which represents homes under contract that are not yet closed, is largely blamed on markedly low inventories of homes for sale in many areas.

Construction spending was higher in May, but remained in negative territory with a reading of -0.80 percent as compared to expectations of +0.50 percent and April’s reading of -2.00 percent. While the overall reading appears unremarkable, residential construction spending was 5.30 percent higher in May.

Mortgage Rates Lower, Jobless Claims Rise

Freddie Mac reported lower mortgage rates in the aftermath of Great Britain’s vote to leave the EU. Rates for a 30-year fixed rate mortgage averaged 3.48 percent.15-year mortgage rates averaged 2.78 percent and the average rate for 5/1 adjustable rate mortgages was 2.70 percent. Discount points were also lower at 0.50, 0.40 and 0.50 percent respectively.

Jobless reports jumped due to the end of the school year; New York State in particular allows some workers to file jobless claims when schools are closed. 268,000 new jobless claims were filed as compared to expectations of 265,000 new claims and the prior week’s reading of 258,000 new claims.

Consumer confidence rose in June, but consumers were surveyed before the Brexit vote. Consumer confidence increased to 98.0 in June as compared to May’s index reading of 92.40.Stronger job markets and stabilized gas prices were seen as contributing factors that boosted consumer confidence.

What’s Ahead

Next week’s scheduled economic reports include several labor-related reports including Non-Farm Payrolls, ADP Payrolls, June’s national unemployment rate and minutes of the Fed’s last FOMC meeting. Freddie Mac’s survey of mortgage rates and weekly jobless claims will also be released.

24260 N Big Springs Ranch Road Paulden, AZ 86334

$492,000
3 Beds
2 Baths
1,324 SqFt
Status Active
MLS # 6703232
Property Type Manufactured Home
Price Type --
HUGE OPPORTUNITY FOR A SAVVY BUYER! A BEAUTIFUL COUNTRY HOME with low 2.7% interest rate VA assumable loan for a qualified VA buyer. On 2 acres this quaint southwest style home is country living at its finest. Pride of ownership really shines in this upgraded home with 2x6 (R24) insulated walls & R38 9' ceilings. Just bring your clothes because ALL appliances, furnishings, decor items, tools and lawn tractor all stay. Enjoy beautiful sunsets, cozy fires on the new rear TREX deck overlooking 11 fruit trees, 4 smoke trees, Aspens & Willows. A workshop FULL of tools with a greenhouse full of plants can be yours. Many areas to enjoy the country views, covered front deck with a courtyard & 2 car detached garage. Zoned for horses. This is a pristine must see home. You will not be disappointed.

9455 E Purdue Avenue Scottsdale, AZ 85258

$492,000
2 Beds
2 Baths
1,496 SqFt
Status Active
MLS # 6679853
Property Type Apartment
Price Type --
Stop by and check out this charming and well appointed 2 bedroom + den/bonus room, 2 bath, 1496 square foot ground level condo in Scottsdale's sought after Starfire at the Villages community! Primary suite with sliding door access to the covered patio, ensuite bath with dual sinks, granite countertops and a walk in closet! Kitchen boasts granite countertops, stainless steel appliances, a breakfast nook and lots of cabinet space! Spacious family room with sliding glass doors to the patio, ceiling fan and fireplace too! Reserved covered parking, community pool/spa, tennis, hiking/biking trails and a fantastic Scottsdale location just minutes from the Loop 101, Old Town, the Shea corridor, spring training, shopping and more!

14383 W Dahlia Drive Surprise, AZ 85379

$492,000
3 Beds
2.5 Baths
1,929 SqFt
Status Active
MLS # 6693259
Property Type Single Family Residence
Price Type --
SELLER IS WILLING TO HELP BUY DOWN INTEREST RATE FOR THE RIGHT OFFER. CALL FOR DETAILS! One of the top communities in AZ. Check out all of the Amenities that Marley Park has: Pool,Community Center, Parks & more. Located within a 5 minute walk to #1 Voted, Admission Free, Charter school for 8 straight years! LEGACY TRADITIONAL SCHOOL K-8 Enter into this beautiful Foyer with a Tray Ceiling and 6x24 Faux Wood Ceramic Tile throughout accented with 4 1/4'' Baseboards. To the right you will find 2 bedrooms with upgraded carpet and a full bath in this split Cottonwood model floorplan. Next enter into an open area with the Kitchen, Great Room & Dining Area. The Kitchen has Silestone Countertops paired with Shaker Style White Maple Cabinets & Dovetailed drawers. Adjacent to kitchen is an office with the Master Bedroom privately tucked away in the back corner of the home Check out the master bathroom which includes a spectacular tiled super shower. Finally, exit to outdoor family oasis.The backyard covered patio has been extended with an amazing 21' x 22' Pergola. The yard has pet friendly turf surrounded by pavers, rocks and amazing plants. Check out the extra wide, 8 ft., side yard with access through the RV Gate. Almost forgot to mention the home has upgraded lights, plumbing fixtures, home theatre pre-wire, two tone paint, ceiling fans and a soft water loop.

4111 E Bradford Avenue San Tan Valley, AZ 85143

$491,990
4 Beds
3 Baths
2,219 SqFt
Status Active
MLS # 6701851
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This charming spanish-style abode features Ashton Woods' coveted Sunflower floorplan. With 4 beds, 3 baths, and 2,219 sqft of space, it's perfect for your family and even has a spacious 2.5-car garage. Inside, enjoy modern living with included stainless steel gas appliances a 4-panel glass slider, and upgraded 8' doors. Don't miss out on this opportunity for luxury and convenience! Don't miss out on this opportunity!

17750 W Hatcher Road Waddell, AZ 85355

$491,960 - 4Br/3Ba -  for Sale in Zanjero Pass Phase 1, Waddell
Open House
$491,960
4 Beds
3 Baths
2,052 SqFt
Status Active
MLS # 6701913
Property Type Single Family Residence
Price Type --
This Gorgeous sprawling floor plan has 2052 SF , w/3 bedrooms, 3 bathrooms, and a 2 car garage! Almost ready for you! Est COE in Jun/Jul 2024. This home features a fresh, neutral color palette, offering 36'' burlap shaker cabinetry, a large kitchen island, white quartz countertops, 9' ceilings and tile flooring. It also includes features you'll love like a soft water loop, under cabinet lighting in the kitchen, dual pane low-E windows, multi-zone thermostat, and a smart home system. The exterior features front yard landscaping, a covered patio and private backyard. Conveniently located off the 303, this gated community is near Costco, Walmart, and shopping. **Finishes may vary from sample photos and virtual tour.

18721 E Swan Drive Queen Creek, AZ 85142

$491,000
3 Beds
2 Baths
1,637 SqFt
Status Active
MLS # 6704115
Property Type Single Family Residence
Price Type --
Welcome to this tree-lined neighborhood with sidewalks! What an appealing and inviting community to call home! A gated front courtyard adds an extra layer of charm and privacy to your home. The updated kitchen, bathrooms, flooring, and baseboards add a modern touch to this 3 bedroom, flex room, 2 bathroom home. The flex room adds versatility to the layout, catering to various needs or preferences. The huge primary bedroom walk-in closet, extra closets and shelving add plenty of storage space and are definite pluses. A private and low-maintenance backyard with a covered patio and extended covered turf area is the perfect outdoor retreat from the elements, allowing for year-round enjoyment of the outdoor space. This quiet community is a lovely place to call home.

14130 W Desert Glen Drive Sun City West, AZ 85375

$491,000
3 Beds
2 Baths
1,996 SqFt
Status Active
MLS # 6693416
Property Type Single Family Residence
Price Type --
Absolutely Stunning Golf Course Lot w/Amazing Views of Both Golf Course and Lake, 3 Bedroom, 2 Bath, Single Level Home, Open Kitchen w/Granite Countertops, Smooth Cooktop & Wall Oven, Breakfast Bar, Appliances Included, Eat-In Kitchen Dining, Spacious Greatroom w/Gas Fireplace, Formal Dining Room, Master Bedroom w/Walk-In Closet, Master Bathroom w/Dual Sinks & Separate Tub & Shower, Enclosed Gigantic Arizona Room w/Views Galore of the Open Golf Course, Professionally Landscaped Front & Backyard, 2 Car Garage, New Roof in 2017, New A/C Unit 2018, HOA Includes Front Yard & Common Area Maintenance, 3rd Bedroom Used as Den/Office, Come Check It Out!

40274 W Michaels Drive Maricopa, AZ 85138

$490,995
5 Beds
3 Baths
2,570 SqFt
Status Active
MLS # 6681266
Property Type Single Family Residence
Price Type --
The heart of this ranch floor plan is an open layout with a great room, a breakfast nook and a gourmet kitchen with a walk-in pantry and a center island. The owner's suite is adjacent, and showcases a generous walk-in closet and an attached bath with double sinks and deluxe shower with separate tub. 4 additional bedrooms and two baths round out the residence. A 3-car garage and a covered patio are also included!

25315 W Bowker Street Buckeye, AZ 85326

$490,990
4 Beds
3.5 Baths
2,712 SqFt
Status Active
MLS # 6694685
Property Type Single Family Residence
Price Type --
BEAUTIFUL home ready in Sep! This home has ALL the space you need!! Need a 4th bedroom with own full bath and walk-in closet downstairs?! Flex room downstairs and half bath for guests too!! Upstairs loft is huge! Large closets, soft water loop, and it's a Smart Home! Gorgeous interior with 6''x24'' wood look tile and upgraded carpet, matte black finishes! Beautiful Burlap cabinets with matte black hardware, 2''x8'' brick linen backsplash and quartz countertops including in full bathrooms. Wait until you see the oversized kitchen island with breakfast bar and single bowl sink. Three car garage with service door, Smart door opener and keyless entry. Great curb appeal. This home is EVERYTHING!!!

9922 E Tiburon Avenue Mesa, AZ 85212

$490,900
4 Beds
3 Baths
2,093 SqFt
Status Active
MLS # 6661820
Property Type Single Family Residence
Price Type --
Priced below comps! Experience modern living in the coveted East Mesa community. This 2-year-old home offers the ideal blend of contemporary design and convenience such as the low-maintenance landscaping and the added benefits of solar panels, tankless water heater and water softener. Monthly budgeting for this home is a breeze! HOA includes front yard maintenance and the solar panels provide a huge savings per year on electric bills. Inside, find a spacious open concept equipped with all the modern finishes plus a walk-in pantry and all tile throughout the main level! A first-floor bedroom with a full bath adds versatility, while the second-floor offers a large primary bedroom retreat complete with a dual vanity en-suite and a sizable walk-in closet. Two additional bedrooms, one with its own walk-in closet and another full bath with a dual vanity. Outside this impeccable home indulge in a plethora of resort-style amenities including a pool with twisting slides, a lap pool, spa, cabanas, fire pits, and Fitness Center which includes a Spin Room & Movement Studio for a variety of workouts. The community center serves as a hub for various small to large gatherings with its Game Room, meeting/business room, and Event Center. Outdoor enthusiasts will delight in the multiple parks and sports courts available for basketball, volleyball, tennis, and bocce. Check out the aerial video in Photos section to preview the community! Conveniently located near SR-24, Loop 202, and US-60, as well as a variety shopping, dining, and entertainment options including popular San Tan Village shopping district, this home is easily accessible to everything the east valley has to offer.

16027 W Silver Breeze Drive Surprise, AZ 85374

$490,500
3 Beds
2 Baths
2,298 SqFt
Status Active
MLS # 6648850
Property Type Single Family Residence
Price Type --
Home Qualifies for Renovation Loan! Combine the purchase price + renovation Cost= New Loan. design it, and personalize your dream home with only 3% down! Must SEE. Step into a welcoming ambiance with tall vaulted ceilings and a tasteful two-tone color palette. Revel in the elegance of tile and wood-like flooring in common areas, complemented by carpets in select rooms. The home is adorned with beautiful white shutters, recessed canned lighting, and ceiling fans for optimal temperature control. The kitchen is designed for entertaining, offering an eat-in area seamlessly connected to the living space, or choose to host formal dinners in the dining room. The kitchen boasts a striking Spanish tile backsplash, an island, and sleek all-black stainless appliance The primary suite is generously sized, featuring a spacious bathroom with a double sink vanity, walk-in shower, and an expansive walk-in closet. Discover a bonus linen room/closet/pantry, versatile for various needs, even as a potential desk area. The garage includes an extra storage room catering to all your organizational requirements. Unwind in the backyard, where a pergola provides a perfect setting to enjoy breathtaking sunsets, accompanied by ample space for entertaining. Don't miss the opportunity to experience this captivating home - Must See Today!

18280 N Piccolo Drive Maricopa, AZ 85138

$490,500
4 Beds
3 Baths
2,366 SqFt
Status Active
MLS # 6693401
Property Type Single Family Residence
Price Type --
Experience luxury living in this meticulously upgraded home boasting over $90k in enhancements. Revel in the integrated $30,000 whole home audio/video/alarm system, yours with an accepted offer. Culinary delights await in the gourmet kitchen showcasing high-end stainless appliances, including a gas range. Enjoy the seamless flow of wood look tile floors throughout living spaces, with plush carpeting in the bedrooms. Indulge in spa-like serenity in the master bath, boasting a custom walk-in shower. The garage is a haven for organization enthusiasts with custom cabinets, workspace, and an epoxy floor. Step outside to your private oasis, featuring lush turf, paver decks & walkways, enveloped by over 50 shrubs & trees on a smart watering system. Illuminate your evenings with custom exterior.. lighting, while a sizable Tuff Shed offers additional storage. Welcome home to unparalleled comfort and sophistication. Some additional detail: Welcome to 18280 North Piccolo Drive, a stunning corner lot house that is now available for sale. This property offers an abundance of features and amenities that are sure to impress any buyer. Situated on almost a quarter of an acre (.21), this professionally landscaped property boasts 75 flowering bushes, trees, and four fruit trees. The lush greenery is complemented by a fully irrigated and lighted yard, creating a picturesque outdoor oasis. The backyard is also plumbed for a natural gas BBQ, making it the perfect space for entertaining friends and family. As you approach the property, you'll notice the iron security front door and garage service door, providing an added layer of security. Additionally, the entire property is equipped with ICRealtime video cameras and NVR, ensuring peace of mind for you and your loved ones. A custom alarm security panel further enhances the safety features of this home. Step inside and be greeted by the inviting ambiance created by Klipsch speakers throughout the house. The spacious living areas are adorned with modern white cabinets featuring stainless steel handles, giving the home a sleek and contemporary feel. With 8-foot doors and a 12-foot patio slider, this house exudes an open and airy atmosphere. Boasting four bedrooms and three bathrooms, including a large master bedroom with a walk-in closet, this home provides ample space for everyone in your household. The master bathroom features a large Italian tile shower with a bench, adding a touch of luxury to your daily routine. One of the bedrooms even includes its own private bath, making it perfect for guests or as a dedicated office space. The gourmet kitchen is every chef's dream come true. Complete with natural gas appliances, including a range and dryer, cooking will be an absolute delight. The kitchen also features granite countertops, a large pantry for all your storage needs, and a separate dining area where you can enjoy meals with loved ones. Additional highlights of this property include a 2.5 car garage with an epoxy floor, custom cabinets, a laundry sink, and a workbench. The service entrance to the yard provides convenience for any outdoor projects or maintenance. Located in a desirable neighborhood, this house offers easy access to nearby amenities such as shopping centers, restaurants, and parks. With its prime location and exceptional features, this property is truly a gem that you don't want to miss.